Century 21 China Real Estate closes more offices to stem losses

Century 21 China Real Estate today reported a second-quarter net loss of $6.6 million as revenue fell 9.1 percent from the first quarter and 42 percent from a year ago, to $19.8 million.
"Market conditions were more challenging than we had expected in the second quarter, with transaction volumes stuck at very low levels," said Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate, in a statement. "In response, we made additional store closures that, while affecting our second-quarter performance, should soften any longer-term impact."
During the second quarter, the Century 21 China Real Estate network was operating in 23 major cities, and had an average of about 865 sales offices, including 192 company-owned offices. As of June 30, the Century 21 China Real Estate network employed more than 11,800 sales professionals and staff, down 13 percent from a year ago.
During the same period of 2013, Century 21 China Real Estate reported that its network co...